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WASHINGTON, D.C. -- Bucks Inc. purchased 89 ExxonMobil locations in the Chicago metropolitan area, according to John C. Flippen, Jr., managing director of Petroleum Capital and Real Estate LLC, and exclusive advisor to Steve Buchanan, owner of Buck’s Inc. and its affiliated companies.
Flippen reported the 89 locations were financed through Petroleum Capital and Real Estate LLC’s -- www.PetroCapRe.com -- exclusive arrangement with a large private equity real estate investment trust.
"Petroleum Capital and Real Estate LLC is excited that our firm could help facilitate this transaction," John C. Flippen, Jr. said in a statement. Buck’s, Inc. is a large and well established BP and ConocoPhillips branded jobbership and a leading regional distributor of petroleum products and services in the Midwest region of the United States. "This was a rare opportunity for Buck’s, Inc. to acquire a large number of premium real estate sites in the Chicago metropolitan area, a trade area that has very high barriers to entry and was a natural fit with our client’s existing retail network. Our company differentiates itself by providing clients access to not only senior lenders but also mezzanine and private equity investors. We focus solely on completing transactions within the convenience store and gas station (C & G) industry."
John Sartory, managing director and principal of Petroleum Capital and Real Estate LLC, said, "This was a rare opportunity to acquire a large number of premium real estate sites in the Chicago metropolitan area. The strong real estate attributes, combined with the opportunity to partner with an established and professional petroleum marketing organization such as Buck’s, Inc., immediately attracted our private REIT client to this investment."
In the last two years, Petroleum Capital and Real Estate, LLC -- www.PetroCapRE.com -- and its principals, John C. Flippen, Jr. and John Sartory, have helped its clients close on over $600 million in retail acquisitions and re-financing packages through senior, sale lease back, mezzanine and equity financing, according to the company. Petroleum Capital and Real Estate LLC provides consulting, M&A and financial advisory services for small to middle market clients exclusively in the retail petroleum industry.